A rally in stocks sputtered as a pair of regional banks tumbled and geopolitical concerns resurfaced, underscoring the fragility of a $28 trillion bull market showing signs of exhaustion. Bonds and gold rose.
Following an earlier advance driven by another solid outlook for artificial-intelligence demand, the S&P 500 wiped out gains as two regional lenders disclosed problems with loans involving allegations of fraud, adding to concern that more cracks are emerging in borrowers’ creditworthiness.
Stock rally sputters.
Source: Bloomberg
Shares of Zions Bancorp sank as much as 9.8% after it disclosed a $50 million charge-off for a loan underwritten by its wholly-owned subsidiary, California …